The japh is a single statement, composed of four comma separated expressions. The first one is
($_=Just,$\="l hacker")=~(S_&&y,Jk csluath, hate Porn,)
On the lhs $_ and $\ are assigned 'Just' and 'l hacker' respectively and $\ is returned by the comma operator in scalar context and then is bound to the expression on the rhs. The latter is equivalent to (but more funny than - thanks to a savvy choice of the order of charachters)
'S_' && tr/ Jachkls-u/a otnh erP/)
and since S_ is a true constant, the transliteration is carried on, which makes 'l hacker' into ' another', just as if 'S_' && were not there at all.
Actually, this was the most surprising part for me, that is that you can use a complex expression on the rhs of =~: in fact I most often rely on aliasing to $_ and implicit operation of matches, substitutions and transliterations on it, but retrospectively it's very perlish and obvious that an expression would be allowed to. To quote from perldoc perlop:
Here, the crucial point is that S_ is a (bareword) constant, hence the emphasis above. (Is this to be considered a side effect of a compile time optimization?) In fact, passing to the second line, it's just the same as the first one except for having $_ instead of S_. In which case the full expression
$_ && tr/ Jachkls-u/a otnh erP/)
is evaluated and its return value applied as pattern march, which does nothing. But as a side effect the same transliteration as above is applied, this time implicitly to $_ which makes 'Just' into ' Per' and leaves 'l hacker' untouched.
Thus, all in all, the two prints print respectively 'Just another', ' Perl hacker'.